Aon and Guy Carpenter have teamed up on a blockchain project aiming to bring greater efficiency to the reinsurance placement process.

The project involves the Institutes RiskStream Collaborative, a global blockchain consortium representing more than 50 risk management and insurance companies.

“This project is an important first step on the path to improving transactional efficiency and creating value for our clients through blockchain,” Guy Carpenter CIO John Crichton said.

“We believe an open platform that is supported by industry stakeholders will maximise adoption, which is so critical to the success of any new technology.”

The project leverages advances in blockchain, distributed ledger technology and industry standards to harmonise the approach to digital reinsurance transactions.